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V2X Cybersecurity Market to Reach $5.7 Billion, Globally, by 2031 at 21.6% CAGR: Allied Market Research
https://www.alliedmarketresearch.com/request-sample/12654
Rise in cybersecurity mandates, developments in cellular-V2X technology, and surge in automotive cybersecurity threat have boosted the growth of the global V2X cybersecurity market. However, high cost of implementation and challenges in making secure applications hinder the market growth. On the contrary, rise in demand for connected vehicles and improving vehicle security using adaptive security would open new opportunities in the future.
By unit type, the on-board unit segment held the largest share in 2021, accounting for more than three-fifths of the global V2X cybersecurity market. In addition, the segment is expected to manifest the highest CAGR of 21.9% during the forecast period, due to growing demand for advanced drive assist systems (ADAS) and connected vehicles. The report includes a detailed analysis of the roadside unit segment.
By vehicle type, the light commercial vehicle segment is projected to register the highest CAGR of 22.3% during the forecast period. This is owing to increase in the implementation of V2X technology in light commercial vehicles to enable data exchange between vehicles and objects in the surroundings and between vehicles and the transportation infrastructure. However, the passenger car segment held the largest share in 2021, contributing to nearly two-thirds of the global V2X cybersecurity market, due to growing demand for semi-autonomous cars.
By propulsion type, the electric and hybrid segment held the largest share in 2021, accounting for more than half of the global V2X cybersecurity market, due to increase in demand for fuel-efficient, high-performance, and low-emission vehicles along with stringent government rules & regulations toward vehicle emission. However, the ICE segment is expected to showcase the highest CAGR of 23.6% during the forecast period, owing to adoption of large number of V2X, ADAS, and other connected features equipped with ICE vehicles.
By communication, the vehicle-to-vehicle segment is expected to register the highest CAGR of 22.9% during the forecast period. Moreover, the segment held the largest share in 2021, contributing to more than one-third of the global V2X cybersecurity market, due to increase in use of vehicle-to-vehicle communication to improve traffic management and reduce accidents. The report includes analysis of the vehicle-to-infrastructure, vehicle-to-grid, and others.
By region, the global V2X cybersecurity market across
Europe held the largest share in 2021, accounting for more than one-third of the market. Furthermore, the region is expected to showcase the highest CAGR of 23.0% during the forecast period, owing to rise in adoption of telematics & GNSS in fleet management services and population increase in the region. The report includes an analysis of the market across
North America , LAMEA, and
Europe .
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The report analyzes these key players in the global V2X cybersecurity market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, product portfolio, and developments by every market player.
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